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Willy Weasel

Do You Still Feel Good?

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http://news.bbc.co.uk/1/hi/business/6935393.stm

From the article:

GfK NOP's report on consumer sentiment for July showed a slight fall, but that was mainly a correction, taking the score back to the level in April before the so-called "Brown bounce" - a rise in sentiment after Gordon Brown became prime minister in late June.

"There have been reports about the Brown Bounce," says Chris Davis from GfK NOP. "I think maybe the changing of the political guard has been a positive thing - people feel that the interest rate adjustments needed to happen and I think generally people think the government has things under control." :blink:

One of the striking things about the break-down of the GfK figures is that the index for people's expectations about their personal financial situation over the next 12 months gives a reading of +13, while the view of the general economic situation over the next 12 months gives a reading of -13.

That suggests that people think it will be quite a bad year for the economy but it will not affect them too much.

"A lot of households don't know what's going to hit them until it hits them, especially when it comes to outgoings or mortgages," says Prof Buiter

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I read this article and I couldn't really work out where it was heading - are we all OK, or are we all deluded?

Buckers

I think the article was trying to say people still feel good but without any justification

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I think the article was trying to say people still feel good but without any justification

Well this is obvioulsy true, IMHO. Most people are just too insular to understand or care about what is going on until they actualy see it going on around them.

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Guest X-QUORK
Well this is obvioulsy true, IMHO. Most people are just too insular to understand or care about what is going on until they actualy see it going on around them.

Once all those discounted mortgages start reverting to SVRs there'll be much wailing and gnashing amongst the sheeple. Not much cause for feeling good when an extra £125 a month disappears for no gain whatsoever.

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Once all those discounted mortgages start reverting to SVRs there'll be much wailing and gnashing amongst the sheeple. Not much cause for feeling good when an extra £125 a month disappears for no gain whatsoever.

My fix rate expires at the end of Sep. I will fix again, albeit at 0.5% higher than it was before. This increase in payments will not bankrut my family. I would rather the rate be lower (and it still might be judging by the current shennigans). But my house will not be involuntarily sold.

I will find the extra cost, as I suspect will most house owners renewing their fix. Some will be forced on to SVR for a period. I suspect they will just cope somewhow. The number of reposessions while steadily increase as it has done over the past couple of years. If it rockets, the BoE will step in to fix the crisis, as many central banks have proven time and time again.

Contine with your delusions.

Ebob

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Guest X-QUORK
My fix rate expires at the end of Sep. I will fix again, albeit at 0.5% higher than it was before. This increase in payments will not bankrut my family. I would rather the rate be lower (and it still might be judging by the current shennigans). But my house will not be involuntarily sold.

I will find the extra cost, as I suspect will most house owners renewing their fix. Some will be forced on to SVR for a period. I suspect they will just cope somewhow. The number of reposessions while steadily increase as it has done over the past couple of years. If it rockets, the BoE will step in to fix the crisis, as many central banks have proven time and time again.

Contine with your delusions.

Ebob

This is a thread about the "Feel Good Factor". Most people won't feel good about paying more for something and not seeing any benefit...right or wrong?

By the way, when you take on your new fixed mortgage, watch out for those hefty arrangement fees, apparently the banks are really hitting mortgage swappers hard now.

Edited by X-QUORK

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My fix rate expires at the end of Sep. I will fix again, albeit at 0.5% higher than it was before. This increase in payments will not bankrut my family. I would rather the rate be lower (and it still might be judging by the current shennigans). But my house will not be involuntarily sold.

I will find the extra cost, as I suspect will most house owners renewing their fix. Some will be forced on to SVR for a period. I suspect they will just cope somewhow. The number of reposessions while steadily increase as it has done over the past couple of years. If it rockets, the BoE will step in to fix the crisis, as many central banks have proven time and time again.

Contine with your delusions.

Ebob

Your finances are obviously healthy, but there are plenty of people just one rate rise from financial meltdown. I know one person who pays £1700 of his £2400 monthly salary into mortgage payments. Another, 22 years old has £300K mortgage on about £45K joint income. Both are paying IO, with the only (temporary) saving grace that they are only 1 year into a 2 year fix, but there must be plenty of people who have no spare cash to pay for a pending reset.

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Your finances are obviously healthy, but there are plenty of people just one rate rise from financial meltdown. I know one person who pays £1700 of his £2400 monthly salary into mortgage payments. Another, 22 years old has £300K mortgage on about £45K joint income. Both are paying IO, with the only (temporary) saving grace that they are only 1 year into a 2 year fix, but there must be plenty of people who have no spare cash to pay for a pending reset.

These people will have trouble even getting banks to cover the finance with the current problems. They could be forced into selling!!!!!

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